Last week I wrote the premiere edition of Foreclosure Friday, a series of blog posts designed to discuss buying foreclosures. As a reminder, the tips in last week's issue were:
- Arrange financing before beginning your search for a home.
- Find a qualified agent to help you in your search for a foreclosure.
- Foreclosures are usually sold "as is - where is" without any warranty or repair allowance.
Following is the process for buying a HUD foreclosure:
- When a property is first listed for sale through HUD, only owner-occupants can submit offers to purchase during the initial "10 day bid period". An owner-occupant, quite simply, is someone buying the home with the INTENTION OF LIVING in the property as their primary residence.
- If no-one purchases the property during the initial 10-day bid process, the status for bids will be changed to "All Bidders". Once the initial bid period has expired, investors are then able to sumit offers to purchase.
- All bids must be in writing and submitted through a real estate brokerage approved to sell HUD homes. Individuals are not allowed to submit a bid on their own behalf.
- Earnest money must be presented at the time of submitting an offer to purchase. In HUD's case, the dollar amount is either $500 or 1% of the purchase price, whichever is greater. If your offer is not accepted, the earnest money IS RETURNED TO YOU.
- Closing typically takes between 30-45 days.
CURRENT MISSISSIPPI FORECLOSURES
Currently, there are 35 HUD homes within the city of Jackson for sale. The city of Brandon has four available HUD homes priced between $66,600 to $96,000, and Pearl has four homes ranging in price from $63,000 to $116,000.
A new listing in Ridgeland, at 613 Harvest Road, is in the 10-day bid period and available to owner-occupants only. It is priced at $131,000.
One home is listed in Florence, MS at 573 Eaglewood Drive. It is priced at $121,000 and is open to ALL bidders.
See all available HUD properties in MS by referring to the weekly Foreclosure Friday report.
If the prospect of searching through all the foreclosures on a daily or weekly basis seems overwhelming, let me do the searching for you. Send an e-mail or contact me by phone, TELL ME WHAT YOU ARE LOOKING FOR, and I'll do the searching for you. Or subscribe to my blog, Pat Starnes Snippets, where you will receive an e-mail each time a new blog post is written.
Until next time...
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Pat Starnes, a Realtor since 1988, specializes in Mississippi Residential Real Estate and can assist you with buying or selling in the Jackson MS Metro area.
Search all homes for sale in Brandon, Pearl, Flowood, Madison, Ridgeland, Florence, Bryam, or Jackson, MS.
Written and Published by Pat Starnes REALTORMcIntosh and Assoc., LLC434 Katherine DriveFlowood, MS 39232601-278-4513 - cell601-936-2007 - office